The G7 group of nations said it would step up its efforts to counter the evasion of its oil prices cap mechanism after key members announced new sanctions against Russia.

The group said it would seek to close loopholes and further reduce its reliance on Russian commodities but gave few details about how it would do it.

The comments amounted to no major change in the working of the scheme despite aggressive statements from the EU about a crackdown on Russian-origin oil refined outside the country in the run-up to the talks.